Corporate News 31-May-21
Board of Magma Fincorp approves investment of Rs 500 cr in Magma Housing Finance
At meeting held on 31 May 2021
The Board of Magma Fincorp at its meeting held on 31 May 2021 has approved the investment of Rs. 500 crores in Magma Housing Finance (MHFL), a wholly owned subsidiary of the Company, by way of subscription to 83,991,264 Nos equity shares at a price of Rs. 59.53/- per equity share (Face Value - Rs. 10/-each, Premium- Rs. 49.53/- each) through Right Issue, thereby augmenting MHFL lending business and enhancing its capital adequacy from 30.5% as on 31 March 2021 to 57.9% post capital infusion.
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